Oil drops on record-high U.S. crude stocks as pressure mounts

Oil prices fell on Wednesday after the U.S. government reported record-high crude inventories, adding to anxieties about the global glut that has pressured the market since last summer. The U.S. Energy Information Administration (EIA) said domestic crude oil stocks rose by almost 9 million barrels last week to reach nearly 407 million, their highest since the government began keeping records in 1982. The American Petroleum Institute, an industry group, had estimated a far bigger growth of nearly 13 million barrels. Benchmark Brent crude oil (LCOc1) was down 84 cents at $48.76 a barrel by 1:07 p.m. ET (1807 GMT), after making a session low at $48.65.

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